DETROIT — Tesla’s first-quarter net income tumbled 24 percent from a year ago as multiple price cuts across its model lineup reduced the amount of money generated per vehicle even as sales rose.

The Austin, Texas, electric car and solar panel company said Wednesday it made $2.51 billion from January through March, down from $3.32 billion a year ago. Revenue rose 24 percent to $23.33 billion, but the company’s operating profit margin fell.

Tesla made an adjusted 85 cents per share in the first quarter, matching analyst estimates, according to FactSet. Analysts had expected profits to fall because of the price cuts.

CEO Elon Musk hinted that price cuts may not be over. He told analysts that Tesla evaluates them daily and wants to keep producing the maximum number of vehicles possible to increase its world-leading electric vehicle market share.

“Orders are in excess of production,” he said when asked what happened to orders since recent price cuts were announced.

Early in the quarter Tesla reduced U.S. prices on many of its models, then did it a second time early in March. The company slashed U.S. prices two more times in April, including overnight Wednesday, in an effort to boost demand. It trimmed them in Europe as well.

The net income drop came even though Tesla’s sales last quarter rose 36 percent to a record 422,875 vehicles worldwide. That’s largely because the average sale price per vehicle fell just over $5,000 from the first quarter of 2022 due to the price cuts. Analysts estimated that the average Tesla sold for $46,850 last quarter, down from $52,100 a year earlier.

The company produced nearly 18,000 more vehicles than it sold during the quarter, indicating softening demand.

Tesla’s first-quarter operating margin fell from 19.2 percent in the first quarter of last year to 11.4 percent this quarter.

Musk said Tesla wants to sell more vehicles at lower prices so it later can take in revenue from software, service and its $15,000 “Full Self-Driving” system that will turn cars into robotaxis and increase their value.

Despite the name, the cars cannot drive themselves, and Tesla warns drivers that they have to be ready to intervene at all times.

“The trend is very clearly toward full self-driving,” Musk said. “And I hesitate to say this, but I think we’ll do it this year.”